There are a great many oncoids in the limestone of Pingyi Basin. By means of field inspection and microscope observations, the host rocks as well as associated fossils and sedimentary structures were investigated. Some of the chemical compositions were also measured to discuss the environmental features. Oncoids were found intensively distributed in the environment which was characterized by shallow water, medium or medium-low energy. Slight amount terrigenous influx was discovered to contribute to the growth of oncoids, while superfluous influx was found adverse. Oncoids were divided into 3 types: regular micrite laminaes oncoids (type A), regular microspar laminaes oncoids (type B), and irregular micrite laminaes oncoids (type C). Type A and B indicated low-porosity rocks, while type C indicated comparatively favorable pore space.